If my husband coowns a house with his mother are there special requirements for us to buy our own home?

Bill
My husband helped his mom out when she wanted to refinance her house but couldn't qualify on her own. His name was put on the title, deed, and insurance policy for the house. We currently live in that house with her, but I am dying to get out of there. We want to buy a house of our own, but I am concerned that when buying our house that it will be considered a second home and the qualifying guidelines will make it harder to qualify. I think I read somewhere that in order to qualify for a second home, you have to have 6 months of payments for both homes in the bank. Will our first home be considered a second home for qualifying purposes?

Carli
I would take the approach that the home that you are buying will be considered your primary residence, and the home you are vacating is a secondary one.That will allow you to get primary residents mortgage rate, qualification requirements, etc. You may even be able to use FHA loan, which will minimize your down payment requirement.

Abby
I assume that by "helped" you mean cosigned. His ownership of his mother's home will probably stop him from qualifying for another mortgage. Unless he(or you) has a lot of cash and a relatively high income you won't qualify for a loan. He has too much debt and financial obligations. He needs to get off his mother's mortgage and title via a refi by her which may not be possible and therefore you may be stuck for some time. Good luck!!